Last Updated: 04/18/2025
SuperMoney User Recommendation Score -28
Mostly not recommended148 total votes
Explore a similar product
Try this top product in Personal Lines of Credit
Upgrade Card Personal Credit Line
Strongly recommended24 reviews
Community Recommended Products
View AllSponsored
Strongly recommended24 Reviews
Learn More
Strongly recommended7 Reviews
Learn More
Strongly recommended6 Reviews
Learn MoreCompare All Personal Lines of Credit
Filter & compare all your options in one place.
Highlights
Community Rating
Mostly not recommended
Amount Range
$500 - $4,500
Disclaimer popup with additional information
APR (Fee-Based Product)
Starting at 137%(Verified 06/21/2024)
Disclaimer popup with additional information
Number of Reviews
Elastic Review
Elastic is offered through Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic are available in 39 states and Washington, DC.
Elastic FAQ
What APRs does Elastic offer?
Elastic offers a fee or charge based product that starts at 137% APR.
Unlike most credit lines, which typically charge a simple daily interest rate, Elastic does not have a periodic interest rate. Instead, Elastic charges a fee when you take a cash advance, plus a fee each payment period based on your ending principal balance (inclusive of the cash advance fees). The equivalent APR will vary depending on the amount borrowed and how long you take to repay, starting at 137% APR. Does the Elastic charge an origination fee?
No, Elastic does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does the Elastic charge a cash advance fee?
Yes, Elastic may charge a fee of 5% to 10% of the amount of each cash advance.Does the Elastic charge a statement balance fee?
Yes, Elastic can charge a statement balance fee of $5 to $350 each billing cycle.
Does Elastic charge a late fee?
No, Elastic will not charge you a late fee .How much can you borrow via Elastic?
Upon approval and based on your credit worthiness, your Elastic personal line of credit will be assigned a credit limit of at least $500 and as much as $4,500. .
| Cash Advance Fee | 5% - 10% |
| Origination Fee | No |
| Prepayment Fee? | No |
| Late Payment Fee | No |
| Statement Balance Fee | $5 - $350 |
| Billing Cycle Charge | No |
What do you need to qualify for Elastic?
Elastic does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Elastic does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Elastic.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Proof of identity
- Proof of citizenship or residence permit
- Proof of residence
What is the estimated funding time for a personal line of credit via Elastic?
Elastic will typically fund personal lines of credit within 1 business day of approval.Does Elastic report your account activity to credit bureaus?
Yes, Elastic reports to the following credit bureau:
- Clarity Services
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Elevate Credit perform a hard credit pull?
Yes, Elastic performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
How to apply for Elastic
- Visit the Elastic website.
- Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
- Check the information is accurate and submit your application.
Elastic Disclosure: The Elastic line of credit is offered by Republic Bank & Trust Company, member FDIC. Cash Advances requested and approved by 6:00 p.m. ET (3:00 p.m. PT) are typically funded the next business day if you elect to receive your Cash Advance by direct deposit. Each Cash Advance from the Elastic line of credit is subject to a 5% or 10% Cash Advance Fee depending on your billing cycle. A portion of your principal is due each billing cycle, and if you have an ongoing balance, a Minimum Charge of $0.00 to $270.00 will apply. Consult the Elastic Credit Agreement and Terms and Conditions for additional information. Elastic is an expensive form of credit and should not be used as a long term solution. You may be eligible for an Elastic Account if you meet and maintain certain criteria established by us, which may change at our discretion. As of the effective date of these Terms & Conditions, the eligibility criteria are as follows:
You are not a Covered Borrower under the Military Lending Act (32 C.F.R. § 232) at the time of application; You are at least 18 years old (or at least 19 years old if you are a resident of Alabama or Nebraska);
You reside in a state in which we offer Elastic; You have a regular source of income or benefits;
You have at application and maintain a valid Checking Account;
You make payments using one of the payment options described in the Terms & Conditions;
You provide a valid e-mail address and consent to receive electronic disclosures;
You meet our credit underwriting standards; and
You agree to and are not in default of the Terms & Conditions.
Your Elastic Account is established upon approval and verification of the information in your Application.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from Elastic
Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
Closed
Other Services by Elevate Credit
Personal Loans
45
11
29
85 Reviews
Community Recommended Products
View AllSponsored
Strongly recommended24 Reviews
Learn MoreStrongly recommended7 Reviews
Learn MoreStrongly recommended6 Reviews
Learn MoreSuperMoney Net Recommendation Score
SuperMoney users mostly don't recommend this product, giving it a user recommendation score of -28, or 2.4 on a 5-point rating scale.
-28
-1000+100
No one recommends
Everyone recommends
Elastic Community Reviews
Would you recommend Elastic to your friends?
JP
Jonathan P.
Aug 8, 2024
May or may not recommend
It's a very expensive way to borrow money, but it is there and available whenever you need it. Just make sure you have the income to cover the payments. They're hefty.
JM
Jon M.
Jun 8, 2023
May or may not recommend
Terrible customer service. I went through the application and they approved my request and sent an email stating they would deposit in 2 days. Then followed up later with an email stating they needed additional info which I provided. First off you don't approve and then disapprove. I had made financial decisions base upon their approval. They told me I would have the money in two business days and ...Show More
RF
Randall F.
May 17, 2023
May or may not recommend
I am going to wait until I see what it is like
SB
Steven B.
May 15, 2023
May or may not recommend
i had multiple lians over a 5 year period thru elastic. my state classified elastic as a predatory lender keep in mind i paid off several loans thru elastic ! when it came to my final payment elastic claimed i did not pay them ! i had a check returned to me and it was in fact listed as cashed by elastic and the money was taken from my account ...Show More
JS
Josiah S.
Dec 19, 2021
May or may not recommend
Elastic is one of the best on-line loan places out there.
U
Anonymous
Nov 19, 2021
May or may not recommend
Applied and approved for what I needed the same day. Clear and transparent pricing. The service received so far has been great. No complaints.
Julie S.
Nov 17, 2021
May or may not recommend
Yes, it's expensive. But it's a great option when it feels like no others exist. It shows you the payments that are coming and you can check out payments and stuff ahead of time for paying back extra and how much it saves. It's 100% up front.
U
Anonymous
Jun 28, 2021
May or may not recommend
They tell you that you're approved, then decline you later after they send you through hell for verification. Waste of time, and very unprofessional business.
SH
Sherry H.
Mar 24, 2021
May or may not recommend
Horrible fees and call them by a different name to avoid following state mandated interest rate laws.
U
Anonymous
Oct 29, 2020
May or may not recommend
if you need money fast and have less than good credit, this line of credit can save you in an emergency! Easy, quick process, all on- line and the money is in your bank the next day! You can draw up to the max of your available credit line! All the costs are totally up front before you request it. The key is to try and pay it off ...Show More
David S.
Sep 16, 2020
May or may not recommend
I'm surprised by all the negative reviews. I'm guessing that there are problems if you miss a payment or need to extend payment. I borrowed $1000. The site clearly showed me my 10-month repayment schedule. Yes, I ended up paying $1365, which is 36.5%, which was fair for a quick same-day loan. However, i set everything up through autopay. I never missed a scheduled ...Show More
KW
K W.
Jul 15, 2020
May or may not recommend
I am an existing customer and frustrated that you cannot easily increase your monthly payment to accelerate paying down your balance. this is the way the bank can keep fees if you carry a balance over 10 months although your payments are made timely with no issues. Cannot file a complaint with corporate office. This is a bank taking advantage of consumers.
Mi M.
Apr 29, 2020
May or may not recommend
If you borrow $1000 and do not pay back $990 before your next bill cycle you can expect a $130 monthly payment. They will charge you a carried balance fee of $55 plus your regular monthly payment. You'll find every month the majority of your payment going toward carried balance fees and your hope to pay off the actual loan near to nonexistent unless you can make a ...Show More
Maureen S.
Apr 15, 2020
May or may not recommend
I had always been current on my payments up until being financially impacted by COVID 19, being an independent contractor. I contacted Elastic in March after finding out I would have NO income and they did defer 2 payments. I contacted them again today and was told that now I am 30 days past due and that unless I brought myself current, they could not defer any more payments and ...Show More
U
Anonymous
Mar 30, 2020
May or may not recommend
I recommend Elastic only if your credit score is very low and you need money immediately. The reason I am writing a review about Elastic is that I am very disappointed in how they have been handling their customer service regarding the coronavirus pandemic. I have sent emails and talked on the phone to ask for a postponement until stimulus checks are sent to US citizens, or at least by ...Show More
Clarence M.
Jan 22, 2020
May or may not recommend
Had no experience with your elastic line of credit and loans yet
Robert F.
Oct 31, 2019
May or may not recommend
Elastic is hands down THE BEST loan someone with bad credit can get in life’s Emergency situations.
Most, quick type loans for people with bad credit are Outrageous Interest amounts! Payday Loans want the WHOLE amount back in just a few weeks. Then there’s title loans also ridiculous interest and putting your vehicle (source of income) in jeopardy and then the various 400% Indian Reservation loan offers you get in the ...Show More
S&
Salem & N.
Oct 25, 2019
May or may not recommend
Elastic.com ... It does not get any better or easier than this...
I used to tell everyone that good lenders don't exist... Well, I was WRONG... Elastic.com is absolutely amazing! It works EXACTLY like they say it does. In your account next day, They take 5% off the top, and deposit the rest. For realz people, if you need emergency cash, you need to have this setup and ready. What ...Show More
Michelle L.
Sep 17, 2019
May or may not recommend
It works for me I have had it for years and I love it
Ian R.
Sep 10, 2019
May or may not recommend
My first loan went smoothly. Quick and easy. And I paid it off according to schedule. I just took out a second and larger loan and was given an incorrect payment schedule unbeknownst to me. My first payment notification states that I owe almost $100 a month more than I signed on for with a huge final payment. Ultimately the payback amount is the same. I contacted the company and ...Show More
Showing 20 of 148 reviews
10 other reviews that are currently hidden